At 8 pm on Saturday, Jan 9 (that's tomorrow), the magic numbers for the largest Powerball jackpot in history will be drawn. Lottery officials are estimating the jackpot will be $800 million. Your chances of winning are 1 in 292 million.
Let's pretend you're really that lucky. First of all, you have a giant of a tax bill to look forward to. But, also, YOU'RE NOW REALLY RICH. Let's break it down.
According to Chuck Baumann with the Oregon Lottery, you've got a few options:
You could take, after taxes, $17.9 million each year for the next 30 years. That's not too shabby.
Or, If you choose to take the one time payout, your $800 million immediately drops to $496 million. Baumann says that if a winner opts for a big single payout, they get a fraction—about half—of the total. If the winner chooses to take annual payments, the total payout will be closer to the jackpot amount, Baumann says.
Still want that one-time huge chunk of cash? From the $496 million you get, the Feds are going to take $124 million in taxes, and Oregon is going to ding you for about $39.68 million in state taxes. You'll end up with about $332.3 million.
"If you want to take the lump sum, and you don't take advantage of the opportunity—with the annuities—of getting the money over the 30 years, then you're not going to get as much as the actual jackpot," Baumann says.
But, hey, $332.3 million will still buy you a lot of stuff. Read what it could buy you after the jump.
Here are five things KATU thinks Portland would buy with the jackpot winnings. Someone posted this image on Reddit earlier today, so I don't really know what metrics KATU is using to get these numbers:
But let's think (in and) outside the Urban Growth Boundary, shall we? According to my calculations, $332.3 million could buy:
• 6,466,000 lap dances at Mary's
• 16,876,587 Classic Valendicks with a custom message
• 238,207 Dutch-style custom built chicken coops from Tucker's
• 1,1582,380 half-barrels of Bridgeport Hop Czar
• 1,661.5 Lamborghini Gallardos
• 18,461 Vinyl Caped Jawas (apparently they're a big deal)